Featherbedding by unions is an attempt to
a. increase the demand for union labor
b. increase the demand for non-union labor
c. decrease the demand for union labor
d. increase the supply of union labor
e. increase the supply of non-union labor
A
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The Santa Fe Spark Plug Company supplies spark plugs to automotive parts dealers. An increase in the demand for its product led Santa Fe to hire 150 new workers
Santa Fe also plans to expand the capacity of its plant but this project will take 2 years to complete. Which of the following statements is true? A) The long run for Santa Fe is longer than 1 year. B) The wages and benefits paid to the new workers are implicit costs. C) In the short run Santa Fe's variable costs increase but its fixed costs decrease. D) The short run for Santa Fe is 1 year.
Dairy price supports create permanent, above-normal rates of return to dairy farming
a. True b. False
In the long run, a monopolistically competitive firm's demand curve must be tangent to its average cost curve
a. True b. False Indicate whether the statement is true or false
Which of the following best explains why price in competitive price-taker markets will tend to be driven to the minimum average total cost?
a. homogeneous products. b. few sellers. c. firms face downward-sloping demand curves. d. free entry and exit.